Temp NOL REGs Respond to Retroactive Extension of Carryback Period Due to COVID-19
The IRS has issued temporary regs that permit consolidated groups (that acquire new members that were members of another consolidated …
QI/WP/WT FACTA Periodic Certification and Waiver Due Date Extended to Dec. 15
On its website, the IRS has announced that, for a Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign …
Proposed REGs on Excise Tax on Excess Tax-Exempt Organization Compensation
The IRS has proposed regs regarding the tax on excessive compensation paid to tax-exempt organization executives. Background. Under Code Sec. 4960(a), …
Final Rules Update Information Reporting Requirement for Tax Exempt Organizations
The IRS has released final rules updating the information reporting requirements for tax-exempt organizations. These final rules adopt the proposed …
IRS Taking Steps to Increase Operations
On the IRS website, the IRS Commissioner has explained that the IRS anticipates bringing more people back into its campuses …
New Economic Impact Payment FAQs Include Answer About Prepaid Debit Cards
IRS has provided additional information, in the form of FAQs, about economic impact payments under the CARES Act. One FAQ …
IRS Finalizes Corporation Related Party Debt Regs
IRS has finalized, without substantive change, 2016 proposed regs that treat certain indebtedness as stock that is issued by a corporation …
IRS Encourages Questions on COVID-19 Payroll Tax Law/Form Changes
Payroll tax professionals had many questions for the IRS during a May 7 payroll industry telephone conference call with respect …
June 4 Deadline for Taxpayer Response to IRS Micro-Captive Insurance Letter
In a statement, the IRS has automatically extended the due date of responses to IRS Letter 6336 from May 4, …
IRS Temporarily Modifies Tax-Exempt Bond Reissuance and Retirement Rules
In a Notice, the IRS has temporarily expanded the circumstances and time periods in which a tax-exempt bond that is …